Bonds
ZB put in another up week but is up around the first resist on the wave (iv) hypothesis chart and very overbought on the RSI which is occurring at a cycle inflection point. I have a soft spot for the wave (iv) hypothesis though it is too early to judge between the two ideas.
Crude Oil
CL put in a bit of a bounce last week after four weeks of decline. I’m penciling this in as early in a wave iii where a lower degree wave two is forming. I’m expecting a continuation of this move through the next major cycle inflection around February of next year.
Dollar Index
Another down week in DX last week as 106.13 failed to hold and DX fell through the 38% retrace at 105.30 but not by much to test a Gann related support at 104.60. First step for would be bulls is to recover 105.30 and later 106.13. I still maintain that DX is working on a wave [IV] low which sets DX to rise for several months.
Euro
A similar situation in Euro but in the inverse where the Euro closed last week at the 38% retrace at 1.0539. The Lomb Periodogram is forecasting a cycle high in this area.
Gold
I’ve come around to thinking that gold is forming an ending diagonal down form the 2020 high and thus allows for the overlap up into wave (i) territory. Prefer GC to push down from the 1823.60 zone this week or next.
S&P 500
Bulls are certainly trying to hold SPX up into the next FOMC meeting later this month, but I am still skeptical about their ability to hold it up that long. I’ve drawn in a downward trend line that SPX is starting to bounce up into. The trend line would intersect around the 4120’s in price if 4080 doesn’t halt the rise. The next calculated resist is higher at 4181.
Bitcoin Futures
I hesitate to post a BTC chart as I don’t have much insight at this point as to what takes place from here. My gut feeling is that it is too late to sell but probably too early to buy.